Applied Graphene Materials PLC (AIM:AGM, OTCQX:APGMF) said it is launching a strategic review after finding it could not raise equity finance due to the difficult stock market conditions currently.
Options under consideration include the use of a specialist debt provider, finding a strategic investor, or an accelerated sale of the group's trade and assets or its main operating subsidiary.
The graphene specialist had indicated earlier this month it required additional funding to continue in operation beyond 31 January 2023.
Applied Graphene said it had started statutory redundancy consultations with its employees as a precaution in the event the strategic review does not achieve a satisfactory conclusion,
Alvarez & Marsal Europe will manage the strategic review process.